On Thursday 27th, Binance announced its decision to take strict measures to combat account abuse and reiterated that the platform will take necessary measures to ensure compliance, protect users, and maintain market credibility.
Binance stated in its official announcement that it has noticed that some account functions have been abused to obtain unfair advantages, such as enjoying more favorable rates or higher API limits than other users. The Binance platform offers a variety of account types, including sub-accounts, custodial sub-accounts, and fund management accounts, which play an important role in various applications. However, these features can also be exploited by bad actors seeking to circumvent controls in order to obtain or sell access to accounts to obtain better rates and higher API limits.
In view of this, in order to ensure that its users’ account functions are not abused, Binance announced that it has further strengthened monitoring of all account usage and related activities. Binance will investigate all incidents of potential or suspected abuse and, if necessary, take appropriate steps to correct the abuse, including but not limited to suspending or terminating the relevant account.
In addition, Binance has established a channel for users to report abuse, so that users can report any account abuse incidents they encounter (such as unauthorized sales of account access permissions). Users are also encouraged to report any observed abuse to Binance. or suspected account abuse. Binance will provide rewards for any verified cases of account abuse.
"Binance: Decided to take strict measures to combat account abuse and set up special channels to encourage reporting" This article was first published on "Blocker".
